Showing 1 - 10 of 167
In this paper we study the implications of population ageing in an economy with a sizeable non-traded goods sector. To this effect a highly stylized micro-founded macro model is constructed in which the age structure of the population plays a non-trivial role. The model distinguishes separate...
Persistent link: https://www.econbiz.de/10011343315
is relevant for the present century, where birth and mortality rates in most western countries are steeply declining. …
Persistent link: https://www.econbiz.de/10011870742
Persistent link: https://www.econbiz.de/10010191307
This paper explores the interaction between retirement flexibility and portfolio choice in an overlapping …-generations model of a closed economy. Retirement flexibility is often seen as a hedge against capital market risks which justifies more … risky asset portfolios. We show, however, that this positive relationship between risk taking and retirement flexibility is …
Persistent link: https://www.econbiz.de/10011383196
allocation decision for retirement, and show that illiquidity reduces the range of transferable shocks between generations and …
Persistent link: https://www.econbiz.de/10013175574
We explore how members of a collective pension scheme can share inflation risks in the absence of suitable financial market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various participants of a collective pension scheme than would be...
Persistent link: https://www.econbiz.de/10013460026
Persistent link: https://www.econbiz.de/10009784943
We present a theory of human capital, with its two most essential components, health capital and, what we term, skill capital, endogenously determined within the model. Using the theory, and a calibrated version of it, we uncover and highlight an important economic mechanism driving...
Persistent link: https://www.econbiz.de/10013172987
time preference are not considered simultaneously. We correct for differential mortality risk, risk aversion and …
Persistent link: https://www.econbiz.de/10011373818
This paper investigates the effects of health-care spending on mortality rates of heart attack patients. We relate in … with visitors and stayers with recent movers from a different region. In regions with higher health-care spending mortality …
Persistent link: https://www.econbiz.de/10013387294